Venezuela purchased oil from the USA for the first time after 40-year embargo

Venezuela has purchased oil from the United States for the first time after the abolition of the 40-year embargo, reported Reuters citing sources in the traders’ community.

The Venezuelan state company PDVSA has imported 550 thousand barrels of American WTI oil through one of the Caribbean terminals.

Despite its own large oil reserves, Venezuela has to import it due to the fact that most of its own oil is of heavy grades.However, processing also requires light and medium grades of oil, which led to the need to import them starting from 2014.